P. AND O. GROUP REPORT

Press, Volume CI, Issue 29767, 9 March 1962, Page 17

P. AND O. GROUP REPORT

“Too Many Ships’’ WZ.P.A.-Reuter—Copyright) LONDON, March 7. The P. and O. shipping group’s profit fell by £5 million last year because there are too many ships in the world. P. and O. chairman (Sir Donald Anderson) says in a report to shareholders. "On the broadest view the reason for such unprofitable trading is the same as it has been for the last four years,” he said.

“There are too many ships in the world. Those tankers and ore-carriers which can find no employment in carrying their normal cargoes have been transferred to the grain trade and have in that way upset the whole balance of dry cargo tonnage supply and demand.

“While this remains so not only are tramp rates held down, but rates in the cargo liner trade cannot be increased sufficiently to cover rising costs.” He told a news conference today that a recovery in shipping would certainly- come, but he did not expect a marked improvement until 1964. Ansett Profit Reduced (N.Z. Press Assn.—Copyright) MELBOURNE, March 8 Ansett Transport Industries. Ltd., will pay an interim dividend of 5 per cent, on the ordinary shares on April 30 Books will close on March 30. Directors say the company as a whole has felt the effect of the depressed economic conditions and both revenue and profits for the six months to December 31 were lower than for the corresponding six months to December 31. 1960. Operational economies were effected wherever possible to meet the lower revenues and there is now evidence of the return of economic growth which is currently reflecting itself in the company's transport activities.

Sydenham Money Club The Sydenham and Suburban Co-operative Money Club increased net profit by £1872 to £20.436 in the year ended December 31, 1961. Accumulated subscriptions of members rose to £334.280 Current advances amount to £427.765 and deposits with the club are £47.479. Total members’ funds are £392.091. Advances totalling £111.369 were authorised last year, while loan repayments totalled £110.541. Amalgamated Chemicals. Amalgamated Chemicals Ltd.. Sydney, formerly Olims Industries. Ltd., earned consolidated profit of £315.416 for the year ended December 31. It is after providing £37.345 depreciation, but before tax. £186,10®. The result includes profits of Blyth Chemicals. Lanes and CarrvPack only since date of amalgamation. Unchanged 12) per cent dividend. Including final Bj, requires £191.893. Putararo Timberyards.—The company proposes to change its name to P.T.Y. Industries. Ltd.

Brambles.—Brambles Industries. Ltd.. Sydney, will link with the P. and O. Orient Line of Aust. Ptv.. Ltd., and Birt and Co. (Pty.) Ltd-'in the formation of a new air cargo company. The new company. Bramair In- ' ternational Pty., Ltd., will operate throughout the world, including Australia. Bramair will air-freight on a door-to-door (basis to any part of the world. It will also provide import-ex-Iport arrangements and handling services to Australian and overssas firms.